From Coinbase to Visa: Who makes money from blockchain?

​Blockchain is becoming a source of income for some of the world's largest companies. Businesses are finding ways to generate revenue from digital assets without necessarily investing in cryptocurrencies themselves. But how much of this activity is translating into actual earnings?

Why public companies are earning more from blockchain

Publicly traded companies will capture 16% of blockchain industry revenue in 2026, more than double their 7% share in 2022, according to a report from investment firm 1kx released last week. The increase comes even as overall industry revenue is projected to fall 28% to approximately $100 billion.

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The figures reveal a shift in the industry's economics. While blockchain revenue traditionally depended on cryptocurrency trading, network fees, and mining, established businesses are increasingly earning money from stablecoins, investment products, custody, and payments. Blockchain is becoming more closely integrated with traditional finance.

However, the benefits are far from evenly distributed. Just six companies account for roughly 60% of the blockchain-related revenue earned by public companies in the 1kx study. Much of that income is concentrated among businesses with established financial operations and large customer bases.

The sources of revenue also vary considerably. Some companies collect cryptocurrency trading fees, while others earn interest, manage investment products, or process payments. These business models provide different opportunities for generating income without relying exclusively on rising digital asset prices.

How Coinbase, Circle, and Robinhood make money from blockchain

Among the most prominent publicly traded companies in the cryptocurrency industry are Coinbase, Circle, and Robinhood. Each has developed a different approach to generating revenue from digital assets, reflecting the range of business models emerging in the sector.

Coinbase began as a cryptocurrency exchange heavily dependent on trading fees, but subscriptions and services now account for a substantial share of its revenue. In the third quarter of 2026, subscriptions and services generated $570 million, almost matching its $590 million in transaction revenue. Stablecoins, staking, custody, and financing contribute to that income.

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This diversification helps Coinbase navigate cryptocurrency market cycles, although its earnings remain sensitive to market conditions. Its third-quarter results also showed how gains from digital asset holdings can influence reported profits, making it important to distinguish operating performance from investment returns.

Circle follows a different model. The company earns most of its income from reserves backing USDC, its dollar-pegged stablecoin, including interest-bearing U.S. government debt. In the second quarter, reserve income reached $668 million, helping Circle report a $48 million net profit. However, its earnings remain sensitive to interest rates and the amount of USDC in circulation.

Robinhood demonstrates how cryptocurrency can complement an established financial business. Its crypto transaction revenue fell 38% year over year to $100 million in the second quarter, even as the company's broader business continued to grow. Unlike Coinbase or Circle, Robinhood has several other revenue streams to support its operations when cryptocurrency trading slows.

BlackRock and Visa bring blockchain into traditional finance

The financial opportunity extends beyond cryptocurrency specialists. BlackRock earns fees from its iShares Bitcoin Trust ETF (IBIT), which gives investors Bitcoin exposure through ordinary brokerage accounts. The fund charges an annual sponsor fee of 0.25% and generated approximately $72 million in fees during the first half of 2026. BlackRock earns this revenue from managing the fund, rather than trading Bitcoin itself.

Visa is exploring a different opportunity through stablecoin payments. The company supports more than 160 stablecoin-linked card programs worldwide, with payment volume growing nearly 200% year over year. These products allow customers to spend funds connected to stablecoins through Visa's existing payment network.

Business payments are also gaining traction. Approximately 17% of Visa's stablecoin-linked card volume in fiscal 2026 through the reporting period came from business and commercial programs. Companies are exploring stablecoins for supplier payments, treasury operations, and cross-border transactions.

Visa is also supporting stablecoin settlement between financial institutions, expanding its role in blockchain-based payments. However, the company has not separately disclosed profits from these initiatives, making their contribution to overall earnings difficult to measure.

Does blockchain actually make public companies more profitable?

The growing involvement of public companies raises a question that revenue figures alone cannot answer: is blockchain creating new economic value, or simply changing how existing financial services are delivered? A Bitcoin ETF may attract investment from other financial products, while a stablecoin transfer might replace a conventional bank payment. Both can generate revenue without necessarily creating additional demand.

The next opportunity could lie in tokenized securities, blockchain-based settlement, and stablecoin payments. These services could help financial institutions reach new customers, reduce operating costs, or make transactions more efficient. However, their long-term profitability remains difficult to assess, particularly while many initiatives are still developing.Public companies are already demonstrating that blockchain can generate meaningful revenue. Whether it makes them substantially richer will depend on their ability to turn these opportunities into sustainable profits.